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Jacksonian
Emelie Hebert
Artist and massage therapist Emelie Hebert has a lot of land—almost 3 acres to be exact—where she creates her artwork, glass beads and ceramics, and also hosts workshops, demonstrations and …
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Utah Files Gay Marriage Appeal to US Supreme Court
The state of Utah filed its appeal of a gay marriage ruling to the U.S. Supreme Court on Tuesday, becoming the first state to ask the justices to review a …
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City & County
Candidate Profile: Chokwe Antar Lumumba
A little over a year ago, when then-Councilman Chokwe Lumumba decided to run for mayor of Jackson, he and some of his close advisers floated the idea of Lumumba's son, …
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Jacksonian
Shermel Carthan
Shermel Carthan describes himself as a modern-day Renaissance man. He has singing, dancing, modeling, rapping, acting and more in his repertoire.
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Art
The Student Becomes the Artist
Martha Ferris first came to art as one who studies it rather than one who makes it.
Entry
Just Out: New York Attorney General Subpoenas Bain Documents
By Donna LaddIn its Sunday edition, The New York Times is reporting that New York Attorney General Eric Schneiderman is investigating several private equity firms, including Bain Capital for possibly abusing a tax strategy "in order to slice hundreds of millions of dollars from their tax bills."
The attorney general, Eric T. Schneiderman, has in recent weeks subpoenaed more than a dozen firms seeking documents that would reveal whether they converted certain management fees collected from their investors into fund investments, which are taxed at a far lower rate than ordinary income.
Among the firms to receive subpoenas are Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital Partners, Apollo Global Management, Silver Lake Partners and Bain Capital, which was founded by Mitt Romney, the Republican nominee for president. Representatives for the firms declined to comment on the inquiry.
Mr. Schneiderman’s investigation will intensify scrutiny of an industry already bruised by the campaign season, as President Obama and the Democrats have sought to depict Mr. Romney through his long career in private equity as a businessman who dismantled companies and laid off workers while amassing a personal fortune estimated at $250 million.
The subpoenas, by a Democrat, went out before a huge document leak recently that raised questions about Bain Capital's practices:
The tax strategy — which is viewed as perfectly legal by some tax experts, aggressive by others and potentially illegal by some — came to light last month when hundreds of pages of Bain’s internal financial documents were made available online. The financial statements show that at least $1 billion in accumulated fees that otherwise would have been taxed as ordinary income for Bain executives had been converted into investments producing capital gains, which are subject to a federal tax of 15 percent, versus a top rate of 35 percent for ordinary income. That means the Bain partners saved more than $200 million in federal income taxes and more than $20 million in Medicare taxes.
The subpoenas, which executives said were issued in July, predated the leak of the Bain documents by several weeks and do not appear to be connected with them. Mr. Schneiderman, who is also co-chairman of a mortgage fraud task force appointed by Mr. Obama, has made cracking down on large-scale tax evasion a priority of his first term.
As a retired partner, Mr. Romney continues to receive profits from Bain Capital and has had investments in some of the funds that documents show used the tax strategy.
Be sure to read the entire article for a succinct explanation about the fees/interest practices of many financial firms. This ends the piece:
The leaked documents show that Bain has in recent years waived management fees in at least eight private equity and other funds, including one formed as early as January 2002. The documents stated that Bain executives had the right to decide either annually or each quarter whether to waive some or all of their management fees; they also had …
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Best of Jackson
Best of Jackson 2014: Food & Drink
While it might seem like 2013 was the year of new Fondren, with fresh shops, restaurants and bars making the area arguably the hippest place in Jackson, Walker's Drive-In has …
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Wellness
Holy Tandemony
For some people, exercise is a way to disconnect from the world for a period of time each day. Many enjoy going for long runs or bike rides alone as …
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[Best of Jackson 2004] Urban Living
I can't think of anybody who couldn't do with a little more class in their system, and the place to get some in Jackson, according to our poll, is Gallery …
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2004] Urban Living
<b>Best Gallery: Gallery 119 (3017 North State St., 366-5141)</b>
I can't think of anybody who couldn't do with a little more class in their system, and the place to get some in Jackson, according to our poll, is Gallery …
Story
Where the Sidewalk Ends
Early Tuesday, Nov. 30, a Gary Road Elementary kindergartener was late for school. After leaving his home at 1105 Adams St. in Byram, 5-year-old Nakeal Sterling hurriedly tried to cross …
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UPDATED: Police Say They Have 'Good Evidence' That Might Explain Suspected Shooter Adam Lanza's Motives
WASHINGTON (AP) — He was an honors student who lived in a prosperous neighborhood with his mother, a grade-school teacher who liked to host dice games and decorate the house …
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Fall Arts Preview, cont.
<b>Literary Treats</b>
If you're the type who thrives on seeing authors in the flesh, and hearing them read, the fall signing and reading season holds promise for you. September's highlights at Lemuria …
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Nightmare Election Scenarios Worry Both Parties
Here in a county that knows a thing or two about Election Day meltdowns, both parties are fretting over what might go seriously wrong before, during or just after the …
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State
New Club Aims to Promote Cycling for Black Mississippians
Soul City Cycling officially launched earlier this year and now has 38 members, with several weekly rides around Jackson. They aim to bring more people into the sport and increase …
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Sunday Arthouse
My first day as a brand new Jacksonian was a Sunday. Hailing from Hattiesburg, I was unused to having anything even open on Sundays, much less events I could attend. …
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Book Review: Another Brick At The Wal
"It's hard to know exactly when it happened … but for now it's clear: We're all Wal-Mart's bitches." When a quote like that launches you into "The United States of …
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[Green Day] Save The Earth, Save Yourself
Spring always forces me to appreciate the Earth. Today, cumulus clouds sprinkle a sea-blue sky. The Dogwood trees are showing off their white flowers and exposing the greenest of leaves. …
Story
The World Loses A Brilliant Mind: Science Fiction Writer Octavia Butler Dies
Science Fiction Writer Octavia Butler Dies
SEATTLE (AP) -- Octavia E. Butler, considered the first black woman to gain national prominence as a science fiction writer, has died, a close friend said Sunday. She was 58.
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Retiring Pope Benedict XVI in Uncharted Territory
For months, construction crews have been renovating a four-story building attached to a monastery on the northern edge of the Vatican gardens where nuns would live for a few years …
